Should you use your Super to pay for new teeth?

Did you know that nearly 5 times the number of Australians have used money from their Superannuation fund to pay for dental work in the last 5 years?

Using your Super to pay for new teeth is becoming more and more popular for those who wouldn’t otherwise have the funds to receive dental work. According to an article by the ABC, Australian Tax Office (ATO) statistics have indicated a $108.2 million increase in the amount of Superannuation funds used to pay for new teeth over a two year period.

Whilst many people will argue that using your Superannuation is ‘just using your own money’, there is a cost to doing this. Withdrawing your Superannuation will result in a loss of future savings in your Super fund. For example, a withdrawal of $20,000 could actually end up being a future loss of $150,000.

The process to apply for the compassionate use of Super program through the ATO involves an application form, and a report from two dentists, and a treatment plan. The reasons for the treatment must be for a life-threatening illness, chronic or acute pain or mental illness. For those that dislike paperwork, there are specific companies that exist to assist those who want to apply for early release of their Superannuation, for a fee.

So what are the benefits of early release of Super for dental work?

1. Self-confidence from a smile you are proud of
2. Ability to eat without pain or discomfort
3. Ability to speak without pain or discomfort
4. Reduced dental burden in future

What are the costs of early release of Super for dental work?

1. Loss of future Superannuation earnings
2. Paperwork
3. Risk your application could be rejected

What dental treatments are likely to be rejected for Early Release of Super:

1. Dental veneers
2. Teeth whitening
3. Teeth straightening (unless extremely severe e.g. affecting ability to eat)

What dental treatments are likely to be accepted for Early Release of Super:

1. Tooth extractions of teeth that cannot be fixed
2. Dentures
3. Dental implants
4. Implant supported dentures or bridges
5. Root canal treatments
6. Crowns
7. Bridges

These treatments are cosmetic, and generally do not improve the functionality of the teeth.

What’s the next step?

Speak to your dentist if you are interested in Early Release of Super to pay for your dental work. They can discuss your situation and give you advice on whether your condition is likely to be approved. They can then give you a treatment plan and point you in the right direction as to what paperwork is required to apply.

Do you have questions?

Our Claremont dentists can answer any specific questions you may have, and give you some clarity regarding the use of your Superannuation to pay for your dental work. Our Claremont dental team is friendly, non-judgemental and caring. Our patients are like family to us. Call us now on 6143 5655 or book online here.